Research On The Impact Of The Belt And Road Initiative On The Efficiency Of Financial Services Real Economy

In recent years,how to curb the economic departure from the real to the virtual,improve the efficiency of financial services for the real economy,and then achieve high-quality development has increasingly become an academic hotspot.The Belt and Road Initiative,which represents a concentrated effort to deepen reform and practical innovation since the 18 th National Congress of the Communist Party of China,has significantly impacted China’s acceleration towards establishing a new development pattern and promoting finance to serve the real economy as originally intended.Simultaneously,as China continues to write a new chapter of socialist modernization with unique Chinese characteristics,the 20 th National Congress of the Communist Party of China emphasized the importance of not only promoting the high-quality development of the Belt and Road Initiative but also enhancing the linkage effect of domestic and international markets and elevating the quality and level of investment cooperation.This indicates that the construction of a high-level opening system such as the Belt and Road Initiative is crucial for real enterprises to leverage China’s vast market advantages and achieve high-quality development.After all,all competition is resources.compete.Then,can the Belt and Road Initiative,which is based on the construction concepts of "financial integration" and "unblocked trade",can promote the financial industry’s original source? Realigning with the original purpose of serving the real economy and driving its development has become a primary focus of China’s push towards highquality development.This is a crucial topic that requires further exploration and verification in the current developmental context.Thus,this study employs the efficiency of financial services towards the real economy as a measure of the extent to which the financial sector returns to its intended purpose of serving the real economy and its capacity to drive its development.Using panel data from 267 cities in China between 2009 and 2019,this paper conducts an empirical analysis to examine the policy effects of the Belt and Road Initiative on the efficiency of financial services for the real economy.More specifically,this study employs the DEA-Malmquist model and incorporates the variables of financial input and real output in the process of financial services towards the real economy.Through this approach,the efficiency of financial services towards the real economy is computed across 267 cities in China.The development is stable and improving,but there is a problem of unbalanced development among regions,and the difference is mainly determined by the comprehensive index of technological progress.Further,the Belt and Road Initiative is also mainly by affecting the comprehensive index of regional technological progress.Improve regional finance Serve the efficiency of the real economy.Building upon this,the study selects the core cities defined in the "Vision and Actions for Jointly Building the Silk Road Economic Belt and the 21 st Century Maritime Silk Road" as the treatment group,while the non-core cities serve as the control group.By using the double-difference model,the study examines the policy effects of the Belt and Road Initiative on the efficiency of China’s urban financial services towards the real economy,and delves into the issue of urban heterogeneity and its underlying mechanisms.The research has revealed that the implementation of the Belt and Road Initiative has had a substantial impact on improving the efficiency of financial services for the real economy,with a notable "time magnification effect".After considering potential interference factors including endogeneity,the conclusion remains robust.Further,this paper conducts a heterogeneity investigation based on the dimensions of location differences,financial development level and marketization development.The results show that,in terms of location differences,cities located in the Maritime Silk Road and the eastern region can better utilize the Belt and Road Initiative.The policy effect of improving the efficiency of financial services to the real economy;in terms of financial development level,those cities with high levels of financialization and low human capital crowding often can maximize the efficiency of their financial services to the real economy in the construction of the Belt and Road Initiative;In terms of market-oriented development,cities with low and high market-oriented development levels are more able to take advantage of the policy winds,while cities with moderate market-oriented development levels may be in the throes of market-oriented transformation and cannot rely on the Belt and Road Initiative to improve.Financial services real economic efficiency.Further examination demonstrates that financial development,financial openness,financial competition,and financial concentration along the Belt and Road Initiative have significantly contributed to the enhancement of financial services efficiency for the real economy under the Belt and Road Initiative.The findings of this study not only offer empirical support for the positive impact of the Belt and Road Initiative on the efficiency of financial services for the real economy,but also provide valuable policy guidance and a reference for enhancing the high-quality development of the initiative and promoting the structural reform of the financial supply side.